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India is believed to have challenged in a court in The Hague an <keyword id="10983799" type="UNKNOWN" weightage="20" keywordseo="arbitration-tribunal-verdict">arbitration tribunal verdict</keyword> that overturned its demand for ₹10,247 crore in <keyword id="172303" type="PERSON" weightage="20" keywordseo="back-taxes">back taxes</keyword> from <keyword id="128650" type="COMPANY" weightage="20" keywordseo="Cairn-Energy">Cairn Energy</keyword> Plc -- the second time in three months that it has refused to accept an <keyword id="603715" type="COMPANY" weightage="20" keywordseo="international-award">international award</keyword> against retrospective tax. The appeal was filed on Monday, a source with knowledge of the matter said. The <keyword id="47209" type="COMPANY" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> spokesperson did not immediately respond to an e-mail sent for comments. The appeal against a three-member tribunal at the Permanent Court of Arbitration at The Hague invalidating India's Rs 10,247 crore tax claim on Cairn Energy and ordering the government to return the value of shares it had sold, dividends seized and tax refunds withheld, comes weeks before UK Prime Minister Boris Johnson's visit to India. The British Prime Minister is widely expected to broach India honouring international arbitration awards during his April 26 visit, another source said. In December, the government had challenged in a <keyword id="211440" type="ORGANIZATION" weightage="20" keywordseo="Singapore-court">Singapore court</keyword> an international arbitration tribunal verdict that overturned its demand for ₹22,100 crore in back taxes from Vodafone Group Plc. Since the seat of Vodafone arbitration was Singapore, an appeal was filed in a court in that country. In the case of Cairn, the seat was The Hague and so an appeal has been filed in a court in the Netherlands, the first source said. The appeal was filed on a day when Minister of State for Finance Anurag Singh Thakur had told the Lok Sabha in a written reply that "any such decision on filing of appeal or otherwise is taken only after careful consideration of all aspects of the matter." The tribunal's 582-page detailed verdict that asked India to return USD 1.2 billion-plus interest and cost to Cairn was registered in the Netherlands on January 8 and New Delhi acknowledged it on January 19, the source said. Finance Minister Nirmala Sitharaman had earlier this month indicated the government's intent of appealing against the award on grounds of it questioning the sovereign powers of India to levy taxes. Her ministry feels taxation is not a subject of bilateral investment treaties, like the UK-India Bilateral Investment Treaty under which Cairn had sought rescinding of the tax demand raised, and so the award should be appealed. It is of the opinion that Cairn set up a tax abusive structure in 2006 when it reorganised its India business to list the local unit, and did not pay taxes anywhere in the world on the gains that it made in India, they said, adding India had made an unsuccessful case of tax not being part of the treaty before the arbitration panel as well. However, the arbitration award specifically made it clear the base of the judgment was not a challenge to the 2012 law or India's sovereign right to tax. "The issue at stake is thus not a matter of domestic tax law, it is rather whether the fiscal measures taken by the state, valid or not under its own tax laws, violate international law," the tribunal had said in a unanimous verdict. The Hague panel found that a 2012 law passed by the Indian Parliament was a new tax, not a clarification of prior law that could be applied to earlier years. Cairn has moved courts in nine countries to enforce the award against India. The award has already been recognised by courts in the US, the UK, Netherlands, Canada and France and the same is in the process in Singapore, Japan, the United Arab Emirates and the Cayman Islands. The registration of the award is the first step towards its enforcement in the event of the government not paying the firm. Once the court recognises an arbitration award, the company can then petition it for seizing any Indian government assets such as bank accounts, payments to state-owned entities, airplanes and ships in those jurisdictions, to recover the monies due to it, sources said. Sources said the government believes that taxation is not covered under investment protection treaties with various countries and the law on taxation is a sovereign right of the country. While the treaties are primarily aimed at the protection of investments, the tax is levied on 'returns' earned by entities. But the Hague tribunal had gone into this claim and rejected it. Vodafone had challenged before the arbitration tribunal the demand for ₹7,990 crore in capital gains taxes (₹22,100 crore after including interest and penalty) under the Netherlands-India Bilateral Investment Treaty (BIT). The demand pertained to Vodafone's USD 11-billion acquisition of 67 per cent stake in the mobile phone business owned by Hutchison Whampoa in 2007. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/india-electric-vehicle-startups-charge-up-with-funding-as-ev-sales-go-up/articleshow/81643839.cms">India’s electric vehicle startups charge up with funding as everyone from the government to Mukesh Ambani and Elon Musk have their eyes on the sector</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-fix-android-apps-crashing-issue-on-your-mobile/articleshow/81646271.cms">Android apps are crashing and Google is working on a fix – here’s how to fix the issue</a> <a href="https://www.businessinsider.in/finance/banks/news/indias-supreme-court-waives-compound-interest-on-all-loans-put-under-moratorium-due-to-covid-19-pandemic/articleshow/81645705.cms">India’s Supreme Court waives compound interest on ALL loans put under moratorium due to COVID-19 pandemic</a>

Indian government appeals against tribunal ruling of $1.4 billion Cairn arbitration award

Tax demand against Vodafone and <keyword id="128650" type="COMPANY" weightage="100" keywordseo="Cairn-Energy">Cairn Energy</keyword> can’t be disputed, said CBDT. CBDT today said they should promptly avail the one-time dispute resolution scheme announced in the Budget to close the issue by paying the principal tax and getting waiver on interest and penalty. 

	CBDT Chairman Atulesh Jindal told PTI "as long as" the retrospective amendment of the IT Act passed by Parliament remains valid, the "demand (of tax against them) remains valid."
 Jindal, in an interview to PTI, said apart from UK's Vodafone Group plc and Cairn Energy plc, there are about a dozen more such companies which are facing similar demands due to the retrospective amendment of the <keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">Income Tax</keyword> Act. 

	"They (companies) are basically challenging the retrospective amendment. Retrospective amendments have been passed by Parliament. They have not gone against passing of retrospective amendment before any court...so, as long as the retrospective amendment is valid, the demand (of the IT department) remains valid.
 Finance Minister <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, in his <keyword id="117156" type="UNKNOWN" weightage="100" keywordseo="Budget-speech">Budget speech</keyword> yesterday, announced a new dispute resolution mechanism for such companies who are in confrontation with the taxman's action. 

	"In order to give an opportunity to the past cases which are ongoing under the retrospective amendment, I propose a one-time scheme of Dispute Resolution for them," Jaitley had said while presenting the Budget for 2016-17 in Parliament. 

	The scheme entails paying up of the principal tax by the company that has been served with a tax notice and at the same time getting a waiver on interest and penalty.
 

	The CBDT boss said government has always made it clear that tax disputes "are not" covered under the Bilateral Investment Promotion and Protection Agreement (BIPA).
 

	"It is a different matter that they (companies) have gone under BIPA and our stand is that tax disputes are not covered under BIPA. That's the situation. Hence, a sort of opportunity has been given to settle these disputes (in the Budget)," the Central Board of Direct Taxes (CBDT) Chairman said.
 

	He said the department cannot go back on the tax demand raised against these firms as assessment orders were "already passed" and "demands raised" before the IT Act was amended with a retrospective effect.
 

	When told that the companies involved have not shown much initial enthusiasm to the proposal, Jindal said he is hopeful and thinks "they (companies) should come forward."
 

	Commenting on the Budget proposal, Cairn spokesperson had said that "while international arbitration proceedings have commenced to seek resolution of the tax dispute, Cairn notes the efforts of the Government of India to resolve the retrospective tax issue and will study the text of the Budget speech."
 

	A Vodafone spokesperson had said: "We will of course study the details of what the Finance Minister has proposed today, while continuing to seek resolution of this matter through international arbitration.
 "Vodafone has always maintained that there was no tax to pay at the time it completed its acquisition of Hutchison business in 2007... Vodafone was the acquirer in this transaction. The company made no capital gains whatsoever." While Cairn Energy is facing a tax demand of Rs 10,247 crore on a 2006 business re-organisation it carried out in its India unit before getting it listed, Vodafone is facing tax liability over its USD 11 billion acquisition of a 67 per cent stake in the mobile-phone business owned by <keyword id="127031" type="COMPANY" weightage="100" keywordseo="Hutchison-Whampoa">Hutchison Whampoa</keyword> in 2007. 

	Jindal said a few of the other such cases of indirect transfer of assets coming under the ambit of the retrospective amendment where IT demands have not been raised proceedings are pending due to reasons like 're-opening' of the case or some other procedure, will have to go through the "approvals" and "clearances" of a Budget announced committee which will be headed by the Revenue Secretary and have the CBDT Chairman as a Member.
 

	When the Finance Minister was yesterday asked if government hopes to arrive at the desired settlement, when the involved companies are disputing the principal liability in first place, he had said: "They have two options- either to litigate or settle."

	 
	 
	(Image credits: indiatimes)

Tax demand against Vodafone and Cairn Energy remains valid

Top Indian grappler <keyword id="2540168" type="PERSON" weightage="20" keywordseo="Bajrang-Punia">Bajrang Punia</keyword> survived a scare to overcame Kyrgyzstan's Ernazar Akmataliev in the opening bout to set up a quarterfinal clash against Iran's <keyword id="11801831" type="UNKNOWN" weightage="20" keywordseo="morteza-ghiasi">Morteza Ghiasi</keyword> at the <keyword id="6033503" type="UNKNOWN" weightage="20" keywordseo="Tokyo-Olympic-Games">Tokyo Olympic Games</keyword> here on Friday. In the Round-of-16 contest, the 65kg <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>n grappler, a world championships silver medallist in 2018 and one of India's best medal hopes at the <keyword id="6360967" type="UNKNOWN" weightage="20" keywordseo="olympics">Olympics</keyword>, will take on the strong Iranian opponent, who beat <keyword id="56024" type="COUNTRY" weightage="20" keywordseo="Tunisia">Tunisia</keyword>'s Haithem Dakhlaoui 5-1 in his opening bout. Punia, 27, who is making his Olympic debut at the Makuhari Messe Hall in Chiba, earned his first point after a passivity penalty on his opponent. Akmataliev levelled the score with a push-out but in the final moments of the first period, Punia surged ahead 3-1 with a takedown. Early in the second period, Punia looked the more aggressive of the two grapplers but Akmataliev held his ground with a tight defence. Towards the end, though, the Kyrgyzstan wrestler made his move and scored back-to-back pushouts to level the score at 3-3. Punia defended with all his might in the final seconds of the bout to not concede a point. Despite the score being level at the end of the contest, Punia took the win since he had scored the highest-scoring move in the match -- the two-point takedown in the first period. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/glenmark-life-sciences-ipo-shares-list-at-4-premium-on-exchanges/articleshow/85091030.cms">Glenmark Life Sciences IPO: Shares list at 4% premium on exchanges</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/cairn-energy-retrospective-tax-case-amendment-bill-indian-parliament/articleshow/85090776.cms">Cairn Energy in wait and watch mode even after the bill to kill retro tax is tabled in the Parliament</a>

Tokyo Olympics: India's Bajrang Punia enters quarterfinals in men's wrestling

<ul class="summary-list"><li><keyword id="13363234" type="UNKNOWN" weightage="60" keywordseo="penny-mordaunt" source="Orion">Penny Mordaunt</keyword> has hit out at colleagues for continuing to meet <keyword id="13241074" type="UNKNOWN" weightage="60" keywordseo="alexander-temerko" source="Orion">Alexander Temerko</keyword> after their public dispute.</li><li>The donor said Mordaunt was "an absolutely uncontrollable woman" and "the biggest threat to security".</li></ul>A minister has criticised Conservative colleagues who are continuing to meet with Alexander Temerko after the major donor called her the "biggest threat to security".Penny Mordaunt, a trade minister and former defence secretary, has told Insider that MPs who accepted donations from the Ukranian-born businessman before their very public dispute "will have had no knowledge of these issues", adding: "But everyone does now."Her intervention comes after Temerko held meetings with senior Tories this week. <keyword id="13363235" type="UNKNOWN" weightage="60" keywordseo="jeremy-hunt" source="Orion">Jeremy Hunt</keyword>, a former foreign secretary whose unsuccessful leadership campaign in 2019 was <a href="https://www.alexandertemerko.co.uk/en/press_release/alexander-temerko-supports-jeremy-hunt-to-become-the-next-leader-of-the-conservative-party/">supported by Temerko</a>, met him on Thursday, Insider has learned. The pair had lunch at the high-end Corinthia hotel near Westminster.Meanwhile Temerko was seen in Parliament's Pugin Room with Wales Secretary Simon Hart, former Wales Secretary Alun Cairns, and Conservative peer Baroness Emma Pidding on Wednesday, <a href="https://www.politico.eu/newsletter/london-playbook/mariupol-massacre-scoop-rishi-vs-kwasi-blackford-exit-plan/">Politico reported</a>.Temerko is the co-owner of Aquind, a firm trying to develop a £1.2 billion project connecting British and French power grids under the English Channel. Permission for the project was blocked by Business Secretary Kwasi Kwarteng in January. Temerko, a former Russian arms industry chief, is now seeking to overturn that ruling through a judicial review.Mordaunt, whose constituency is in Portsmouth, the proposed site on the English side for the Aquind project, warned it could pose a threat to Britain's energy security but was not involved in the decision.However, after the proposal was blocked she became the focus of Temerko's frustration. He told <a href="https://www.telegraph.co.uk/business/2022/01/22/ministers-making-fuel-poverty-worse-rejecting-power-link-france/">The Sunday Telegraph</a>: "The real threat to national security is Penny Mordaunt - absolutely uncontrollable woman."<div type="image" title="Alexander Temerko giving a TV interview in 2020" height="939" width="1255" msid="90157206" hostid="261"></div>He also alleged Mordaunt had broken the ministerial code, threatened legal action and said he would write to Johnson to discuss her future as a minister. Temerko has since <a href="https://www.businessinsider.com/tory-donor-drops-threat-of-legal-action-against-mordaunt-2022-2?r=US&amp;IR=T">backed away from his plans to take legal action against Mordaunt</a>.Mordaunt told Insider that the party's code of conduct "should apply to all members including donors".She added: "Donating to a political party is a social good. It enables democracy and good things to happen in our communities. I know that the donor community feel doubly let down when someone does not abide by the behaviour we expect."As an MP I am shocked that a party donor has threatened me just for doing my job and representing my constituents. His comments speak for themselves. Donors don't control MPs. Donors don't get to decide what MPs do or think.""In the context of what is happening in Ukraine I want to make it clear my concerns about Mr Temerko have nothing to do with his heritage or former employment," she said. "It has everything to do with his behaviour towards me and my constituents."Nor do I have an issue with colleagues or associations who have historically accepted donations from him in good faith. They will have had no knowledge of these issues. But everyone does now.""Members of Parliament should not be threatened. Our democracy should not be undermined. Bullies should not be tolerated," she added.Mordaunt was the first woman to be made defence secretary, a role she held from May 2019 until July 2019, when Boris Johnson carried out his first reshuffle as prime minister. She had supported Hunt's rival leadership campaign.Hunt told Insider: "Alexander Temerko is a Ukrainian-born British businessman who has spent his life standing up to Putin and as such encountered considerable personal danger."It was a privilege to meet him yesterday to express my condolences over the family members he has just lost back home as a result of Putin's evil war."Since 2014, Temerko has personally given more than £730,000 to the Conservatives. Aquind has given nearly £440,000 to the party, £72,500 of which was received by Hunt. Offshore Group Newcastle, a dissolved firm Temerko was director of, gave nearly £475,000 between 2012 and 2015. His son, Vladimir Temerko, gave £8,000 to the party in October 2021. All donations were legal and properly declared. Pidding, a former senior official in the party, wrote to an EU agency in support of special regulatory treatment for Aquind along with Conservative MP Andrew Percy, who had received £10,000 from Temerko, <a href="https://www.thetimes.co.uk/article/tory-mp-andrew-percy-lobbied-eu-to-back-donors-energy-project-th6kx0wcm">this reporter wrote for The Times</a>.<a href="https://committees.parliament.uk/committee/290/committee-on-standards/news/119056/committee-on-standards-publishes-report-on-the-conduct-of-david-morris-mp/">Tory MP David Morris had to apologise to the House of Commons</a> after receiving £10,000 from Aquind and a month later asking the government to lobby the UK energy regulator to change rules to support the company. Temerko is the co-owner of Aquind with Viktor Fedotov, a secretive Russian-born oligarch whose involvement with the firm was revealed by <a href="https://www.thetimes.co.uk/article/revealed-viktor-fedotov-is-tycoon-behind-aquind-energy-project-pq0868vmj">The Times</a>. A spokesperson for Temerko did not provide a comment by the time of publication.

Minister hits out at Tory colleagues for continuing to do business with donor after he called her a security threat

<ul><li>Shares of Glenmark Life Sciences list at over 4% premium from its price band of ₹695-720 per share.</li><li>The IPO was subscribed 45.08 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹9,267 crore. </li></ul>Shares of Glenmark Life Sciences made a decent listing on National Stock Exchange (NSE) and BSE at over 4% premium from its price band of ₹695-720 per share. Post listing, the market capitalisation of the company stood at ₹9,267 crore, according to BSE data. The shares of Glenmark Life Sciences were trading at ₹756 at 10.01 a.m., on August 6. The grey market price of the stock had also suggested a weak opening for the IPO. Moreover, the IPO saw strong demand from investors on the last day of the initial public offering (IPO) bidding process as the issue size was subscribed 45.08 times on the last day. The IPO has received bids for 66.33 crore equity shares against the IPO size of 1.4 crore equity shares. The issue was open for subscription between July 27 and July 29. Glenmark Life Sciences was looking to raise ₹1,060 crore through the IPO. From the overall IPO proceeds, ₹800 crore will go to the promoter Glenmark Pharmaceuticals as payment for the spin-off. In 2019, the API manufacturing business of Glenmark was spun off into Glenmark Life Sciences as part of a broader reorganisation focusing on the API business. Further, the company intends to use the proceeds from the IPO for capital expenditure requirements which includes the expansion of capacity at the Dahej (Gujarat) manufacturing site to meet the anticipated future demand of its generic active pharmaceutical ingredients (API) products. Glenmark Life Sciences is a leading developer and manufacturer of select high value ingredients that go into drugs for treating chronic illnesses, including cardiovascular disease, central nervous system disease, pain management and diabetes, according to the company’s IPO prospectus filed with the regulator. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/cairn-energy-retrospective-tax-case-amendment-bill-indian-parliament/articleshow/85090776.cms">Cairn Energy in wait and watch mode even after the bill to kill retro tax is tabled in the Parliament </a> <a href="https://www.businessinsider.in/policy/foreign-policy/news/retrospective-tax-taxation-and-industry-experts-cheer-withdrawal/articleshow/85076739.cms">Taxation and industry experts cheer the potential withdrawal of retrospective tax </a>

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Indian government appeals against tribunal ruling of $1.4 billion Cairn arbitration award

PTI

Tax demand against Vodafone and Cairn Energy remains valid

BI India Bureau

Tokyo Olympics: India's Bajrang Punia enters quarterfinals in men's wrestling

IANS

Minister hits out at Tory colleagues for continuing to do business with donor after he called her a security threat

Henry Dyer

Glenmark Life Sciences IPO: Shares list at 4% premium on exchanges

Bhakti Makwana

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